Universal Forest Products Rating Lowered to Neutral at DA Davidson (UFPI)
Universal Forest Products (NASDAQ:UFPI) was downgraded by equities researchers at DA Davidson from a “buy” rating to a “neutral” rating in a research report issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $52.00 price target on the stock, up from their previous price target of $46.00. DA Davidson’s price target would indicate a potential upside of 11.44% from the stock’s previous close. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued reports about the stock. Analysts at Sterne Agee downgraded shares of Universal Forest Products from a “buy” rating to a “neutral” rating in a research note to investors on Thursday. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Universal Forest Products in a research note to investors on Tuesday, July 23rd. They now have a $43.00 price target on the stock.
Shares of Universal Forest Products (NASDAQ:UFPI) traded up 9.76% on Thursday, hitting $46.66. 664,092 shares of the company’s stock traded hands. Universal Forest Products has a one year low of $32.56 and a one year high of $45.60. The stock’s 50-day moving average is $40.61 and its 200-day moving average is $39.65. The company has a market cap of $928.2 million and a price-to-earnings ratio of 36.52.
Universal Forest Products (NASDAQ:UFPI) last posted its quarterly earnings results on Thursday, October 17th. The company reported $0.71 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.54 by $0.17. The company had revenue of $651.80 million for the quarter, compared to the consensus estimate of $625.77 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 22.2% on a year-over-year basis. On average, analysts predict that Universal Forest Products will post $1.74 earnings per share for the current fiscal year.
Universal Forest Products, Inc is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for retail building home centers and other retailers, structural lumber and other products for the manufactured housing industry, engineered wood components for the residential construction market, and specialty wood packaging and components and packing materials for various industries.
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